HomeMy WebLinkAbout25-109 Approve Issuance of CIP Bond and Adopt Facilities Capital Improvement Plan174500621v1
EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA
HELD: August 12, 2025
Pursuant to due call and notice thereof, a regular or special meeting of the City Council of the City of Prior Lake, Scott County, Minnesota, was duly held at City Hall on August 12, 2025, at 7:00 P.M., for the purpose, in part, of giving preliminary approval to the issuance of general
obligation capital improvement plan bonds and adopting the capital improvement plan.
The following members were present:Briggs, Braid, Churchill, Lake, and Hellier
and the following were absent: None.
Member Braid introduced the following resolution and moved its adoption:
RESOLUTION NO. 25-109
RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF GENERAL
OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN AMOUNT NOT TO EXCEED $5,775,000 AND ADOPTING THE CITY OF PRIOR LAKE, MINNESOTA, CAPITAL IMPROVEMENT PLAN FOR THE YEARS 2026 THROUGH 2030
WHEREAS, the City Council (the "Council") of the City of Prior Lake, Minnesota (the
"City") proposes to issue its general obligation capital improvement plan bonds, in one or more
series, (the "Bonds") and adopt the Capital Improvement Plan for the years 2026 through 2030 (the "Plan"); and
WHEREAS, the City has caused notice of the public hearing on the intention to issue the Bonds and on the proposed adoption of the Plan to be posted pursuant to and in accordance with
Minnesota Statutes, Sections 475.521 and 331A.10, subd. 2; and
WHEREAS, a public hearing on the intention to issue the Bonds and on the proposed Plan has been held on this date; and
WHEREAS, in approving the Plan, the Council considered for each project and for the overall Plan:
1. The condition of the City's existing infrastructure, including the projected need for
repair and replacement; 2. The likely demand for the improvement; 3. The estimated cost of the improvement; 4. The available public resources;
5. The level of overlapping debt in the City;
6. The relative benefits and costs of alternative uses of the funds; 7. Operating costs of the proposed improvements; and 8. Alternatives for providing services more efficiently through shared facilities with other local governmental units; and
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WHEREAS, the Council has determined that the issuance of general obligation capital improvement plan bonds in the aggregate principal amount of up to $5,775,000 is the best way to
finance the capital improvements identified in the Plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota that the Council hereby ratifies the actions of the City Clerk in causing the publication of the Public Hearing Notice to be posted on the City's website and on the Minnesota Newspaper Association's statewide public notice website, as required by law; and the City hereby adopts the
Plan and authorizes the issuance of up to $5,775,000 aggregate principal amount of general
obligation capital improvement plan bonds.
The motion for the adoption of the foregoing resolution was duly seconded by member Hellier and, after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof:
and the following voted against the same: Briggs, Braid, Churchill, Lake, and Hellier
Whereupon the resolution was declared duly passed and adopted.
[Bonds must be approved by at least a three-fifths vote of the membership.]
[Issuance of Bonds is subject to a 30-day reverse referendum after the public hearing.]
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STATE OF MINNESOTA SCOTT COUNTY
CITY OF PRIOR LAKE
I, the undersigned, being the duly qualified and acting City Clerk of the City of Prior Lake,
Minnesota, DO HEREBY CERTIFY that I have compared the attached and foregoing extract of
minutes with the original thereof on file in my office, and that the same is a full, true and complete
transcript of the minutes of a meeting of the City Council, duly called and held on the date therein
indicated, insofar as the minutes relate to a resolution giving preliminary approval to the issuance of
the City's general obligation capital improvement plan bonds and adopting the City's capital
improvement plan therefor.
WITNESS my hand on August 12, 2025.
_______________________________________ Heidi Simon, City Clerk